Insurtech Market to be Worth $152.43 Billion by 2030: Grand View Research, Inc.
Key Industry Insights & Findings from the report:
- The health segment dominated the market in 2021. The growth can be attributed to the increasing awareness about healthy lifestyle habits across the globe due to the pandemic, which requires insurance companies in the healthcare domain to invest more in enhanced technologies.
- The managed services segment dominated the market in 2021. The increasing usage of intelligent machines and the rise of automation in the field of insurtech increased the adoption of managed services in various end-use industries in 2021.
- The blockchain technology segment is expected to witness the fastest growth over the forecast period. Insurance companies demand blockchain technology to increase sales, increase customer engagement, and gain a competitive edge.
- The healthcare industry is expected to witness the fastest growth over the forecast period. Political and consumer trends are forcing the healthcare industry to become more transparent about pricing. Moreover, new approaches adopted by startups in the insurance sector are expected to drive the segment growth over the forecast period.
North America is witnessing an increasing demand for better communication, seamless data sharing, and high integration between insurers and service providers for improved customer engagement. As a result, the regional market is expected to witness promising growth opportunities over the forecast period.
Read 161-page full market research report, "Insurtech Market Size, Share & Trends Analysis Report By Type (Auto, Business, Health, Home, Specialty, Travel), By Service (Consulting, Support & Maintenance, Managed Services), By Technology, By End Use,
Insurtech Market Growth & Trends
The market is expected to benefit from the rising interest of global investors in insurtech companies. For instance, in
The efforts taken by insurtech companies to enhance their fraud detection procedures are also expected to create new opportunities for market growth. For instance, in
The COVID-19 pandemic favourably impacted the market growth in 2021. Insurers increased the use of drones, mobile applications, and catastrophe models amid the pandemics, which accentuated the market growth. At the same time, preventive measures such as social distancing and remote working also helped increase the rate of digitalization across the insurance industry, driving the market growth.
Insurtech Market Segmentation
Insurtech Market - Type Outlook (Revenue, USD Million, 2017 - 2030)
- Auto
- Business
- Health
- Home
- Specialty
- Travel
- Others
Insurtech Market - Service Outlook (Revenue, USD Million, 2017 - 2030)
- Consulting
- Support & Maintenance
- Managed Services
Insurtech Market - Technology Outlook (Revenue, USD Million, 2017 - 2030)
- Blockchain
- Cloud Computing
- IoT
- Machine Learning
- Robo Advisory
- Others
Insurtech Market - End-use Outlook (Revenue, USD Million, 2017 - 2030)
- Automotive
- BFSI
- Government
- Healthcare
- Manufacturing
- Retail
- Transportation
- Others
Insurtech Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
North America - U.S.
Canada Europe Germany U.K. Asia Pacific China India Japan Latin America - Brazil
Middle East &Africa
List of Key Players in the Insurtech Market
Damco Group - DXC Technology Company
- Insurance Technology Services
Majesco Oscar Insurance - Quantemplate
- Shift Technology
- TrÅv, Inc.
- Wipro Limited
ZhongAn Insurance
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